Comments on Understanding the role of debt in the financialsSystem by Bengt Holmström

Thadden, Ernst-Ludwig von

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Document Type: Conference or workshop publication
Year of publication: 2015
Book title: Debt : 13th BIS Annual Conference 27 June 2014 : Monetary and Economic Department, : Palace Hotel, Lucerne, Switzerland : Proceedings
The title of a journal, publication series: BIS Papers
Volume: 80
Page range: 33-39
Conference title: 13th BIS Annual Conference
Location of the conference venue: Luzern, Switzerland
Date of the conference: 27 June 2014
Publisher: Caruana, Jaime
Place of publication: Basel
Publishing house: Bank for International Settlements
ISBN: 978-92-9197-030-8 , 978-92-9197-031-5
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Publication language: English
Institution: School of Law and Economics > Microeconomics and Finance (von Thadden (2004-)
Subject: 330 Economics
Abstract: The rapidly growing literature studying the relationship between legal origin, investorprotection, and finance has stimulated an important debate in academic circles. It has alsogenerated a number of applied research projects and strong policy statements. This paperdiscusses the implications, in particular for developing and transition countries, from thisliterature. We conclude that its focus on the plight of small investors is too narrow whenapplied to these countries. We argue that this group is unlikely to play an important role inmost developing and transition countries. External investors may still be crucial, but they aremore likely to come in as strategic investors or creditors. The paper also proposes a broaderparadigm including other stakeholders and mechanisms of governance in order to betterunderstand the problems facing these countries and generate policy implications thatcompensate for the weaknesses of capital markets.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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